November 9, 2023
UAE flagship carrier Emirates announced record-breaking profits on Thursday in another sign of Gulf air travel’s recovery from the COVID-19 pandemic.
The Emirates Group said it recorded a $2.7 billion profit during the first half of the 2023-24 fiscal year, which started April 1. The figure is the group’s highest-ever six-month financial result and constitutes a 138% increase from the $1.2 billion it posted during the first half of the previous year, Emirates said in a press release.
The Emirates Group includes the eponymous Dubai-based airline as well as the airport services provider dnata. The profits for the airline alone were $2.6 billion during the first half of the year.
Why it matters: Emirates’ profits are the latest sign that Gulf airlines have recovered from the major losses they sustained during the pandemic as a result of flight restrictions. Emirates sustained a $5.5 billion loss in the fiscal year beginning in 2020 and then a $1.1 billion loss in 2021.
Things have subsequently turned around, and Emirates announced in May that it achieved a $2.9 billion profit for the 2022-23 fiscal year.
Other Gulf carriers are performing similarly well. Last week, Qatar Airways Group reported a net profit of $1.026 billion for the first half of the 2023-24 fiscal year, an increase of 113.8% from the year prior.
Abu Dhabi’s Etihad reported a $296 million profit in the first half of 2022, compared to a $390 million loss the previous year.
Know more: During the first quarter of 2023, the Middle East became the first region in the world to achieve pre-pandemic levels of tourist arrivals, but the Israel-Hamas war could threaten that recovery, Samuel Wendel wrote in a trend report for Al-Monitor PRO last month.
Emirates Group posts record $2.7B half-year profit as Gulf travel recovers
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